Mumbai: Jewellery maker Gitanjali Gems on Monday said it has forayed into the business of providing gold loans and safe deposits vaults, besides acquiring Trinity Watch Co and Renaissance Retail Ventures for an undisclosed amount.
The company has also, by way of incorporation of its wholly-owned subsidiary Mohar Jewels, forayed into the business of providing gold loans and safe deposits vaults to entities and individuals, Gitanjali informed the Bombay Stock Exchange.
The company, through its wholly-owned subsidiary Gitanjali Lifestyle Ltd, has acquired the two businesses to expand its product portfolio, it said.
The company has also bought Trinity Watch Co, engaged in the business of sale of watches under its registered premium brand ‘Iris´. Trinity also distributes various international watch brands under license from various principals.
Besides the watch company, Gitanjali has also purchased Renaissance Retail Ventures, engaged in the business of promoting, conducting and managing retail stores as well as trading of silver, gold, platinum and diamond jewellery.
Shares of Gitanjali were trading at Rs262.40, down 5.97% in the afternoon trade on the BSE.